Morning News Call - India, September 15

Reuters Staff

8 Min Read

To access the newsletter, click on the link:
here
If you would like to receive this newsletter via email, please register at: here
FACTORS TO WATCH
10:00 am: Sun Group Corporate President and CEO Vikramjit Sahney, Skill
Development Minister Dharmendra Pradhan and Mahindra and Mahindra Group
Executive Board Member Rajeev Dubey at Global Skills Summit in New Delhi.
10:30 am: Mindtree CFO Jaannathan Chakravarthi, Tata Consultancy Services
Vice President Finance Barindra Sanyal and Vedanta Group Finance Controller
Nitin Gupta at National Conference on Financial Reporting event in New Delhi.
10:45 am: Finance Secretary Ashok Lavasa and Telecom Secretary Aruna
Sundararajan at India Public Affairs Forum in New Delhi.
11.30 am: Bank of Baroda to announce tie-up with Amazon in Mumbai.
4:00 pm: NITI Aayog CEO Amitabh Kant at India Public Affairs Forum in New
Delhi.
5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
LIVECHAT - QUIZ EAST
The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 11:00 am IST. To join the conversation,
click on the link: here
INDIA TOP NEWS
• WPI inflation hits four-month high in August
India's wholesale price inflation rose to 3.24 percent from a year ago, its
fastest pace in four months, driven by higher prices of food and fuel products,
data showed.
• Google to launch mobile payment service in India - report
Alphabet Inc's Google plans to introduce a localised digital payment service
in India as early as next week, technology website TechCrunch reported, citing a
report from news site The Ken.
• Top cotton buyers flock to India as hurricanes hit US crop
The world's top cotton buyers, all in Asia, are flocking to India to secure
supplies after fierce storms in the United States, the biggest exporter of the
fibre, affected the size and quality of the crop, dealers said.
• VW's Skoda open to partnerships on India low-cost car - CEO
Volkswagen's Skoda division remains open to teaming up with other players to
help meet cost targets to build a low-cost car for emerging markets, its chief
executive said, after cooperation talks with Tata Motors collapsed.
• Germany urges Thyssenkrupp to reach deal with unions over Tata
Germany's Economy Minister urged management at Thyssenkrupp to seek an
agreement with its workers over plans to merge the group's European steel
operations with those of Indian peer Tata Steel.
• India invites bids to appoint banks, lawyers for Air India sale
India has invited bids to appoint two financial advisors and one legal
advisor for the privatisation of national carrier Air India and its
subsidiaries, the Ministry of Finance said in a newspaper advert on Thursday.
• Goldman units to sell up to $110 million stake in Max Financial
Goldman Sachs will sell shares worth up to $110 million in India's Max
Financial Services Ltd today, according to a deal term sheet seen by Reuters.
• With China in mind, Japan, India agree to deepen defence
The leaders of India and Japan agreed on Thursday to deepen defence ties and
push for more cooperation with Australia and the United States, as they seek to
counter growing Chinese influence across Asia.
GLOBAL TOP NEWS
• North Korea fires missile over Japan that lands far out in the Pacific
North Korea fired a missile that flew over Japan's northern Hokkaido far out
into the Pacific Ocean, South Korean and Japanese officials said, further
ratcheting up tensions after Pyongyang's recent test of its most powerful
nuclear bomb.
• Japan manufacturers' mood sags amid global uncertainty
Japanese manufacturers' confidence worsened for the first time in four
months in September from the previous month's decade-high level and was expected
to fall further, weighed by global uncertainty, a Reuters poll showed.
• Trump says immigration deal with Democrats close, without border wall
U.S. President Donald Trump said on Thursday he was close to a deal with
Democratic congressional leaders on protections for illegal immigrants brought
to the United States as children, astounding fellow Republicans again while
alarming conservative supporters.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were at 10,063.00, trading down 0.60 percent from
its previous close.
• Indian government bonds are likely to fall in early trade, tracking gains
in U.S. Treasury yields. Another missile launch by North Korea over Japan will
also hurt demand for risk assets in the region. The yield on the benchmark 6.79
percent bond maturing in 2027 is likely to trade in a 6.57 percent-6.62 percent
band.
• The Indian rupee will likely edge lower against the dollar, as risk
appetite waned after North Korea fired another missile over Japan into the
Pacific Ocean and U.S. consumer prices accelerated, reviving bets of another
Federal Reserve rate increase this year.
GLOBAL MARKETS
• Rising shares of Boeing pulled the Dow Jones Industrial Average up to a
record high on Thursday, while the S&P 500 fell as investors saw
higher-than-expected inflation increasing the chances of an interest rate hike.
• U.S. stock futures and Asian shares dipped after North Korea fired another
missile over Japan into the Pacific Ocean, demonstrating Pyongyang's defiance in
the face of intensifying sanctions.
• The yen held steady against the dollar, having risen earlier as North
Korea fired a missile over Japan into the Pacific Ocean, rekindling investor
concerns over geopolitical risks.
• U.S. Treasury yields rose on Thursday, with the two-year yield hitting a
seven-week peak as domestic consumer prices grew at their briskest pace in seven
months, rekindling bets the Federal Reserve would raise interest rates for a
third time in 2017.
• Oil prices were lower but largely held gains that had prices flirting with
multi-month highs, as the cleanup after hurricanes in the United States gathered
pace and the outlook for demand took on a firmer tone.
• Gold rose to pull further away from a two-week low, after North Korea
fired another missile over Japan, triggering the latest round of safe-haven
buying in markets while weighing on the dollar.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.05/64.08 September 14 -$208.05 mln $30.72 mln
10-yr bond yield 6.84 pct Month-to-date -$405.32 mln $356.35 mln
Year-to-date $6.60 bln $23.50 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 64.1200 Indian rupees)
(Compiled by Samrhitha Arunasalam in Bengaluru)